Bank of America predicted the price of Brent oil in 2023 at $100 per barrel
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Analysts at Bank of America (BofA) predict that Brent crude, currently at $76.73, will rise to an average of $100 per barrel in 2023. BofA had previously expected Brent to rise to $110 next year.
The projected rise to $100 a barrel will be due to a recovery in demand for oil in China, coupled with a reduction in oil supplies from Russia. “Our oil demand and price forecasts for 2023 are heavily dependent on robust demand growth in China and India, so any delay in resuming supplies to Asia could affect our expected price trajectory,” the bank said. oil price). December 4 at BofA predicted price increase to $110. The bank’s analysts said at the time that capping Russian oil prices remained a potential risk.
The price of Russian Urals oil has already fallen below the imposed ceiling. According to Bloomberg, after the entry into force of restrictions, it decreased from $52 to $44 per barrel. Focused on Asia, the domestic ESPO brand costs about $69.
December 6 US Department of Energy Energy Information Administration downgraded Brent oil price forecast in 2022 from $102.13 to $101.48 per barrel.
Read about the consequences of introducing a ceiling on oil prices in the publication “Kommersant FM” “Russia is preparing a response under the conditions of the limit”.
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